Project Pax: Japanese Major Banks Trial Cross-Border Stablecoin Platfo

Project Pax: Japan's Major Banks to Trial Cross-Border Stablecoin Platform

In a move that could transform the landscape of international payments, Japan's three largest banks—Mitsubishi UFJ Bank (MUFG), Sumitomo Mitsui Banking Corporation (SMBC), and Mizuho Bank—are set to test a groundbreaking cross-border stablecoin transfer platform called "Project Pax." This initiative, aimed at enhancing the efficiency of global settlements for businesses, leverages the stablecoins issued by Progmat, a blockchain startup backed by these banks alongside SBI Holdings and the Japan Exchange Group.

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Project Pax: Pioneering the Future of Cross-Border Payments

"Project Pax" represents a bold step towards more efficient international transactions by utilizing stablecoins generated via Progmat. The initiative is being led by Progmat, Datachain, and TOKI, and will employ SWIFT's existing API framework to conduct cross-chain transactions. By allowing banks to settle payments on blockchain networks, this integration seeks to address anti-money laundering (AML) and compliance challenges, while also reducing operational inefficiencies and investment overheads.

Initially launching as a prototype, Project Pax aims to commercialize by 2025. The platform plans to use regulated stablecoins and secure cross-chain messaging standards in tandem with the current cross-border messaging infrastructure, ultimately enabling settlements at the speed of the internet. Progmat’s stablecoin system, "Progmat Coin," will support stablecoins pegged to major fiat currencies such as the Japanese yen (JPY), US dollar (USD), and euro (EUR), facilitating both domestic and international transactions.

SWIFT Integration and Broader Impact

To streamline traditional trade payments for corporate clients, SWIFT’s payment messages will be integrated with the stablecoin platform. This integration ensures that customers are not required to handle stablecoins directly, which helps address concerns over AML compliance and regulatory requirements. The overarching goal of Project Pax is to support 24/7 cross-border payments, aligning with the G20’s vision for faster, cheaper, and more transparent global transactions.

In addition, Progmat is collaborating with Datachain to develop interoperability solutions that bridge the gap between its permissioned blockchain, based on Corda, and various public blockchain networks such as Ethereum, Avalanche, Polygon, and Cosmos. TOKI, meanwhile, will manage decentralized finance (DeFi)-style liquidity pools, allowing the exchange of different currencies and blockchain stablecoins under Project Pax.

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Other Initiatives in Cross-Border Payments

Project Pax is not the only blockchain-based initiative in the space of cross-border payments. Similar efforts include JP Morgan, DBS Bank, and Standard Chartered’s Partior project, which leverages distributed ledger technology (DLT) to streamline correspondent banking payments and enable around-the-clock transactions. Additionally, the Bank for International Settlements (BIS) is working on Project Agorá, which focuses on using wholesale central bank digital currencies (CBDCs) to achieve similar aims.

Conclusion

Project Pax marks a significant leap forward in integrating blockchain technology with traditional banking systems, enhancing Japan’s regulatory framework for cryptocurrencies. By combining the use of regulated stablecoins with SWIFT’s messaging network, the project aims to offer faster, more transparent, and continuous cross-border payments, aligning with global financial innovation goals.

Source: coingabbar

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Writer @Elena

Elena is an experienced crypto writer who loves to explore the intersection of blockchain technology and financial markets. She regularly provides insights into the latest trends and innovations in the digital currency space.

 

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